PA - Banco Security

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DIRECTORS’ COMMITTEE The Directors’ Committee is formed by the following directors of Grupo Security: Position Name Degree Tax No. Independent director Andrés Concha Rodriguez Commercial Engineer, Universidad de Chile 4.773.967-5 Director Jorge Marín Correa Álvaro Vial Gaete Business Manager Commercial Engineer, Universidad de Chile Master of Arts in Economics, University of Chicago 7.639.707-4 5.759.348-2 Secretary Renato Peñafiel Muñoz Commercial Engineer, Universidad Católica de Chile Master of Arts in Economics, University of Chicago 6.350.390-8 The remuneration was set at the equivalent of UF 15 per meeting for each director, with a limit of six meetings in the year. No administration expenses or advisory fees were incurred by the Directors’ Committee during 2010. The committee, whose functions are those set out in article 50 bis of Law 18,046, met on five occasions during 2010 and revised the following matters: • Revision of the report of the independent accountants addressed to the shareholders of Grupo Security and its subsidiaries as of December 31, 2009. • Revision of the unconsolidated and consolidated financial statements of Grupo Security and its subsidiaries as of June 30, 2010, which were presented together with the report of revision of interim financial information as of June 30, 2010 made by Deloitte, the company’s external auditors. • Proposal of the external auditors and credit-rating agencies to the board. •Revision and approval of the Group’s annual internal audit plan and its principal scope and focus. • Revision and follow-up of the implementation plan of Law 20,393. • Periodic revision of operating, technological, compliance and credit risks arising from the integral risk management implemented by Grupo Security for each of its companies.
12 company information 81 • Revision of the principal audit findings in the different areas of business and companies of Grupo Security, and follow-up of compliance with the commitments assumed for the resolution of auditing comments. • Take note of regulatory changes made by regulatory authorities during the year. • Revision of compensation and incentive systems for managers and senior executives of Grupo Security. • Revision of the detail of transactions between subsidiary and associate companies of Grupo Security. The Directors’ Committee has checked compliance with the transitory general policy relating to habitual ordinary operations with related parties, approved by the board on April 29, 2010, regarding full compliance with that policy. For further details, see Note 7 to the consolidated financial statements. PAGE
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A N N U A L R E P O R T 2 0 1 0
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PAGE PAGE PAGE financial summary 14
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Grupo Security Summarized Unconsoli
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02 principal financial indicators n
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DEAR SHAREHOLDERS I have the pleasu
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oard and management 04
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04board and management SENIOR MANAG
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05 recognitions 17 COMPANIES WITH B
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06 activities 19 ENCUENTRO JUVENTUD
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06 activities 21 A SCHOOL FOR VILLA
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2003 Inversiones Seguros Security i
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ECONOMIC CONTEXT EXTERNAL ENVIRONME
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CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
Page 33 and 34: 09strategic pillars
Page 35 and 36: 09strategic pillars security, where
Page 37 and 38: 09 strategic pillars RISK MANAGEMEN
Page 39 and 40: 10business areas
Page 41: 10 business areas 39 PAGE
Page 44 and 45: FINANCING BANKING INDUSTRY Banking
Page 46 and 47: The following graph shows the evolu
Page 48 and 49: EARNINGS AND ROE OF BANCO SECURITY
Page 50 and 51: RISK Banco Security has been charac
Page 53 and 54: 10business areas I N V E S T M E N
Page 55 and 56: 10 business areas 53 Administradora
Page 57: 10 business areas 55 SECURITIZADORA
Page 60 and 61: INSURANCE INSURANCE INDUSTRY The Ch
Page 62 and 63: Compañía de Seguros Generales Pen
Page 65 and 66: 10business areas S E R V I C E S
Page 67: It is important to recall that the
Page 70 and 71: INVESTMENT POLICY The bylaws of Gru
Page 72 and 73: The individual financial liabilitie
Page 74 and 75: BANK CREDITORS As of December 31, 2
Page 76 and 77: ASSOCIATED RISKS Local Financial Ri
Page 79 and 80: company information 12
Page 81: 12company information In accordance
Page 85 and 86: 12 company information 83 In Seguro
Page 87 and 88: 12 company information 85 STOCK MAR
Page 89 and 90: 12 company information 87 SOCIEDAD
Page 91 and 92: 12 company information 89 INMOBILIA
Page 93 and 94: Regulatory Framework Grupo Security
Page 95 and 96: financial statements 13
Page 97: financial statements 13 C o n s o l
Page 100 and 101: Consolidated Statement of Financial
Page 102 and 103: Consolidated statement of comprehen
Page 104 and 105: CONSOLIDATED STATEMENTS OF CASH FLO
Page 106 and 107: CONSOLIDATED STATEMENT OF CHANGES I
Page 108 and 109: The following companies are include
Page 110 and 111: ) Description of Grupo Security’s
Page 112 and 113: - Fair value option As indicated in
Page 114 and 115: Disclosure of the Adoption of new a
Page 116 and 117: For financial assets, the amortized
Page 118 and 119: The recoverable amount is the highe
Page 120 and 121: Vida Security maintains current der
Page 122 and 123: f) Structured fixed income notes Vi
Page 124 and 125: CategorY Estimated range of loss Lo
Page 126 and 127: The main components of the cost of
Page 128 and 129: 2.30 Foreign currency and indexatio
Page 130 and 131: The most significant areas of estim
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i. Pension insurances reserves This
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3.1 Main changes in the accounting
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Suspension of revenue recognition o
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) Summary of Consolidated Equity as
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3.3 Main adjustments made a) Invest
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NotE 5 - Income taxes Deferred tax
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Inmobiliaria Security S.A. measures
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NotE 8 - Investments in Associates
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NotE 9 - Property, Plant and Equipm
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) The amortization of intangible as
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NotE 13 - Other Financial Assets, C
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NotE 16 - Other Non-Financial Asset
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Detail of bank obligations as of De
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Detail of bank obligations as of Ja
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Detail of the bonds at December 31,
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NotE 19 - Other Non-Financial Liabi
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NotE 23 - Other Financial Liabiliti
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Note 24 - Non-Current Liabilities A
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) Cost of Sales The items includes
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NotE 26 - Administrative expenses T
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BALANCE 31.12.2010 31.12.2009 01.01
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Up to 1 year From 1 to 3 years From
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The management of Grupo Security S.
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c) Statement of Financial Position
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e) Statement of Financial Position
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2) Risk Management Structure Banco
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4º Credit Management Basically, th
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In the case of the Bank’s impaire
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These are the details of guarantees
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Loans that are classified individua
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Such limitations allow the Bank to
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Banco Security and its Subsidiaries
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Market risk trading ledger 31.12.20
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Regulatory Liquidity Mismatching as
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Regulatory Liquidity Mismatching as
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currency swaps). These derivatives
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Participants in the Credit Risk Com
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7) Regulatory Capital Requirement I
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6) Summary of the Policy for Invest
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d) Dividends The policy agreed by t
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The following table shows financial
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Valores Security S.A. Corredores de
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• The Board of Directors agreed t
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Note 37 - Subsequent Events On Janu
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MANAGEMENT’S ANALYSIS OF CONSOLID
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2.2 Factoring Industry Factoring ha
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5. Risk Factors 5.1 Dependence on d
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6 PERFORMANCE INDECATORS OF THE CON
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$ Pesos Chilenos MM$ Millones de Pe
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BANCO SECURITY AND SUBSIDIARIES Typ
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Banco Security and Subsidiaries Con
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Banco Security and Subsidiaries Con
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Valores Security S.A. Corredores de
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Administradora General de Fondos Se
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Factoring Security S.A. Type of ent
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Asesorias Security S.A. AND SUBSIDI
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Securitizadora Security S.A. Type o
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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